Once the auction is won, what is the standard procedure to ensure I get my item and he is comfortable getting his $$? Is the risk high? I see they cover up to $400 unfortunately my purchase would be way over that....so I'm somewhat nervous.

Look at the persons feedback on there ... ive bought plenty from individuals with no problems.
I always use a M/o from the post office ..... if you run into any fraud the postal service will investigate it.

Typically send them a USPS M.O. and they send the gun to my FFL. Make sure your FFL will accept shipment from a non-FFL, some wont. Make sure they have some feedback history on GB. If you get a home address to send the M.O. to you can look the address up on the local county assessors web site. That doesn't always work (if they are renting, etc.) but if can let you know they are established in the community. So far I've bought several guns from private individuals on GB without a single problem.

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